Header Image

Lessons learnt? I don't think so.

February 10th, 2009

"....High street banks and building societies are cracking down on new lending to previously credit-worthy customers using an early warning system, which assesses the chances of borrowers defaulting on loan repayments in the future...."

Seriously, has someone lost their mind? Is it not these same blasted technological prediction and modelling solutions that has lead to the flipping mess we are in? Those same systems that didn't warn them that buying 'bad debt' was a bad idea? A little human interaction will not come amiss now, trust me. After some of us know of successful companies that were started up after banks refused to lend to the eventual millionaire owners.

See: http://www.timesonline.co.uk/tol/money/borrowing/article5694691.ece

[First published on my NotTheNews blog on specified date]